Foreclosure frenzy

Today, RealtyTrac published the latest data on nationwide foreclosures. The numbers are bad:

During the first quarter of 2007, there were more than 430,000 foreclosure filings, i.e. default notices, auction sale notices or bank repossessions.

Foreclosures are up 27 percent on the previous quarter and up 35 percent on the first quarter of 2006.

Nationwide, there is one foreclosure filing for every 264 houses.

Foreclosure activity in some states has reached epidemic levels.

Nevada has a foreclosure rate 3.5 times the national average. It has one foreclosure for every 75 households.

Colorado had one foreclosure for every 111 households.

Georgia had one foreclosue for every 138 households.

California reported the highest overall amount of foreclosures; 80,595, and accounted for 18 percent of the total. Overall, its foreclosure rate is 1.7 times the national average with one household in 152 households

Foreclosures in Florida increased by a staggering 55 percent compared to the previous quarter. The state ranked second in terms of overall foreclosure activity.